Suppose That King Kanuta from Problem 11 Demands That Each

question 12

Multiple Choice

Suppose that King Kanuta from Problem 11 demands that each of his subjects give him 1 coconuts for every coconut that they consume. The king puts all of the coconuts that he collects in a large pile and burns them. The supply of coconuts is given by S(p_s) = 100p_s, where p_s is the price received by suppliers. The demand for coconuts by the king's subjects is given by D(p_d) = 4,000 - 100p_d, where p_d is the price paid by consumers. In equilibrium, the price received by suppliers will be

• A) $24.
• B) $20.
• C) $40.
• D) $16.
• E) None of the above.

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Definitions:

Photosynthetic

Pertaining to the process by which green plants, algae, and some bacteria convert light energy into chemical energy in the form of sugars, using chlorophyll and releasing oxygen as a byproduct.

Unicellular

Describing organisms made up of a single cell, capable of performing all necessary life functions within that one cell.

Population

A group of individuals of the same species living and interacting in the same region.

Biosphere

All Earth’s communities of living organisms and their physical environments.